Cleveland-based InterGroup International Ltd., a recycler of post-industrial plastic scrap, has made Inc.’s list of the fastest growing companies in America for the third consecutive year.
In 2010, InterGroup was included at No. 239 on the list and landed as the fastest growth company in the manufacturing subsection based on its revenue growth between 2006 and 2009. In 2011, InterGroup occupied the No. 799 slot, while in 2012 the company ranks at No. 685 overall and the 15th fastest growing manufacturing company and the fifth fastest growing company in the Cleveland region.
In related news, InterGroup opened a 165,000-square-foot distribution facility in a Cleveland neighborhood that has been blighted by business exodus. The company says it invested $800,000 to modernize the vacant building. Improvements include a state-certified truck scale, additional loading docks, fire-sprinkler system and a ground-up replacement of the electrical system, including energy-efficient lighting.
The company also added a new manufacturing and distribution center in the Atlanta area this year that includes 200,000 square feet of buildings on 33 acres. It was scheduled to begin operation by Nov. 1, 2012, according to InterGroup.
“Our new Atlanta facility is going to support increased business with our current vendors and customers as well as allow for greater efficiency in our logistics,” Neil Gloger, InterGroup International CEO, says. “We are expecting a net freight savings by directing work to this new facility to total more than $250,000 per year.”
Gloger says he expects organic growth of more than 15 percent in 2012 and greater than 40 percent in 2013 based on recently signed deals.
“We are excited and certainly feel fortunate and a bit humbled by our success,” Gloger says. “It is a reflection of the high-caliber of people we have attracted to work here at InterGroup. They are the story.”
InterGroup adds that it has retained New York City-based investment bank Riveria Group that specializes in alternative energy and renewables, to advise the company on two pending acquisitions planned for the first quarter of 2013.